Next Week

December 19, 2014

Holiday closures dominate the week ahead.  Japan will be closed for the Emperor’s birthday on Tuesday but then one of the few markets open for the remainder of the week.  Most markets will be Thursday for Christmas, and many stay shut Friday for Boxing Day or Saint Stephen’s Day.

Among key central banks, only Turkey has scheduled a monetary policy meeting.  Minutes of the Bank of Japan’s November 18-19 meeting get published, and BOJ Governor Kuroda speaks publicly during the week.

The second of three Greek votes this month on filling the presidency will be held.  Failure to approve the prime minister’s choice by the final vote on the 29th would lead to a parliamentary election early next year and probable change in government.

Scheduled Japanese data to be released, most of which on Thursday and Friday, include consumer prices, labor statistics, industrial production, auto output, retail sales, real household spending, housing starts, construction orders, supermarket sales, labor cash earnings, and corporate service prices.

Some other Asian releases next week are Hong Kong and Singaporean consumer prices, Filipino trade figures, China’s index of leading economic indicators and corporate earnings, Singaporean industrial production, and South Korean consumer sentiment.

The U.S. data calendar features revised GDP, personal income and spending, the Chicago Fed National Activity index, new and existing home sales, the FHFA house price index, the Reuters/U. Michigan consumer sentiment index, the Richmond Fed manufacturing index, durable goods orders and weekly observations of new jobless insurance claims, consumer comfort, mortgage applications, chain store sales and energy inventories.

Euroland consumer confidence and index of leading economic indicators arrive.  So do German retail sales and import prices, French GDP and PPI, Spanish and Finnish produer prices, Italian retail sales, Belgian and Portuguese consumer prices, Dutch GDP and current account, and Belgian and Dutch business confidence.

Britain reports the final estimate of GDP last quarter as well as the current account in 3Q.  Swiss money growth and index of leading economic indicators, Icelandic and Swedish producer prices, Hungary’s current account, Norwegian unemployment, Danish consumer sentiment, retail sales, and GDP, and Polish retail sales are some other European indicators scheduled to be reported next week.

Canadian GDP is scheduled.  Brazilian consumer confidence and Mexican GDP and trade are some of the Latin American releases. 

From down under, investors will get to see the latest changes in New Zealand consumer sentiment and trade as well as Australia’s money stock and Westpac index of leading economic indicators.

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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